Mortgage Switcher Package

M

masterK

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My current fixed rate mortgage expires next month with Bank of Ireland and I'm looking into switching. Are banks still offering to pay fees to switch? What is the best package out there for a LTV of <50%.

The best I can find is AIB's standard variable of 5% with no legal fees paid.
 
Yes AIB currently have the lowest rate - with the 5% variable. BOI have yet to decrease their rates since the ECB cut - and they promised they would on Nov 5th. So BOI could have a rate as low as 4.9% varialble on LTV under 50% if they cut all their rates by half a percent. Might be no need for you to switch?
 
To further add to my dilemma I got a notice from BOI yesterday on the end of my fixed rate term. They offered me either a variable at 5.74% or a 2 year fixed at 4.74%.

On the face of it the 2 year fixed looks very attractive, however my suspicious mind has me wondering why they'd offer me a rate lower than anywhere else in the market over a fixed term? I'd read into to it that they expect several more rate cuts in the near future.
 
With the US cutting interest rates yesterday - it is more than likely that ECB rates will be cut next week by at least 0.25 and maybe another 0.5. The banks don't have to cut their variable rates because of ecb cuts though. They were quick to do so after the last ecb cut because it was just after the "bail out" and there was media and government pressure which might not be as big this time.
 
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